Terry Savage

Terry Savage is a nationally known expert on personal finance and a regular television commentator on CNN, CNBC, PBS, and NBC on issues related to investing and financial markets. She is the nationally syndicated Chicago Sun-Times personal finance columnist. Her fourth book, published in June, 2005, is The Savage Number: How Much Money Do You Need to Retire? It has received praise from investment gurus like James Cramer, Jim Rogers, and Bob Brinker. Terry offers advice ranging from investments to withdrawal calculations to long term care insurance --to make sure your money lasts as long as you do!

Her previous best-seller, The Savage Truth on Money, was named one of the ten best money books of the year by Amazon.com, and was made into an hour-long television special which aired on PBS. Terry is a frequent guest on national radio and television shows ranging from PBS' Nightly Business Report to CNN and CNBC. She's appeared several times on Oprah! And she's the regular substitute host of the nationally syndicated Bob Brinker radio show on ABC radio.

Terry's financial expertise comes from experience. She started her career as a stockbroker, and became a founding member -- and the first woman trader -- on the Chicago Board Options Exchange. Savage was also a member of the Chicago Mercantile Exchange's International Monetary Market where she traded interest rate contracts and currency futures. She is a registered investment advisor for both stocks and futures.

Terry Savage has won numerous awards, including the National Press Club award for Outstanding Consumer Journalism, and the Outstanding Personal Finance Columnist award given by the Medill School of Journalism at Northwestern University and two Emmys for her television work.

Savage takes an active role in America's business community. She serves on the Board of Directors of the Chicago Mercantile Exchange (NYSE) and previously served on the boards of McDonald's Corporation for 14 years and Pennzoil-Quaker State Corporation for 5 years. She was a recipient of the Director's Choice Award honoring selected women who serve on America's top corporate boards.

Savage is involved in Chicago's civic affairs, serving as a director of The Executives' Club of Chicago, Junior Achievement of Illinois and the Northwestern Memorial Hospital Foundation. She is a Phi Beta Kappa graduate of the University of Michigan where she won a Woodrow Wilson Fellowship in American history and economics.

Interestingly, the content of the three-day event seemed far more conservative than at the other shows, perhaps reflecting the mostly Midwest audience, or maybe because the enthusiasm for speculation has been tempered by the sideways, but volatile, market activity recently.

Monday's 330-point rally in the Dow, to a closing at 11,433.18, is a great demonstration of how futile -- and even dangerous -- it is to base your investment strategy on one day's headlines, whether on the upside or on the downside.

Ironically, many of the states with the largest debt burden already have relatively high tax structures, meaning it will be even more difficult to fill the gap. But they will try. And eventually, you could find the most productive people moving out of high-tax states to those with lower rates.

There are many rip-offs out there, promising help and charging steep fees. That can only add to your woes. But it's even worse to ignore the situation and hope the debt collectors will give up on finding you.